August 27, 2013 / 6:23 PM / 4 years ago

Moody's cuts Metro Water Reclamation District of Greater Chicago

Aug 27 (Reuters) - Moody's Investors Service on Tuesday cut the general obligation limited and unlimited tax bond ratings of Metropolitan Water Reclamation District of Greater Chicago in Illinois to Aa1 from Aaa, affecting about $2.6 billion of debt.

The rating agency also revised the outlook to negative, reflecting the probability of continuing growth in the district's unfunded pension liabilities, the rating agency said in a statement.

Moody's said in a statement that the "outsized pension liabilities" have "grown due to contribution levels that have fallen short of actuarial standards."

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